January 12, 2017
Gregory W. Gray, Jr., Archipel Capital LLC, BIM Management LP
SANCTION AMOUNT: $8,034,355.19
Defendants: Archipel Capital LLC, BIM Management LP
Gregory W. Gray, Jr.
Defendant Gray, Jr. allegedly raised nearly $5.3 million from fund investors seeking to purchase pre-IPO Twitter shares, but did not purchase enough shares before Twitter went public. Thus, the SEC found that he only managed to pay investors by tapping other unrelated funds, with the majority of that money coming from a single investor who was told he had bought the entirety of a fund supposedly investing in $5 million worth of stock in Uber, when in fact Gray had purchased no Uber stock at all.
- Key Docs
- Official SEC press release